Yes, underwritten life insurance policies do consider depression when determining rates. Remember that underwriters look at every aspect of a life to determine risk of dying. There are many different levels of depression and that is what the insurer wants to see. Is the depression caused by a situation, chemical imbalance or is it clinical? Is it mild, moderate or severe? Is there a history of hospitalization or suicide attempts? Also, the types of medication and length are all going to be factors in determining your life insurance rates.
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Depression history can affect life insurance rates. Underwriting guidelines for many companies have lightened up over the years, so a standard rate (and even preferred in some cases) is attainable.
A number of factors can influence the risk classification (the risk class determines the premium) a person qualifies for with a given carrier when they are being treated for depression such as severity level of depression, medications used, any hospitalizations (and when), any suicide attempts or consideration of suicide, usage of alcohol and/or tobacco. Please note, the risk class is also dependent upon your age, gender, height/weight profile, any other medications and conditions, family medical history, and the results of the exam (if applicable - however, with a history of depression you will have a much better chance of getting lower premiums through a fully underwritten policy with an exam than a no-exam program).
Each carrier has their own underwriting guidelines so you don't want to apply with a bunch of companies to see what sticks - this works against you as it's a red flag to the company when they conduct their MIB check (MIB - Medical Information Bureau).
The best thing you can do is to consult with an experienced life insurance broker who can work with you on a personal level and shop the case for you - we do not charge any fees for our services.
I hope the information is helpful - please feel free to contact me for assistance with your coverage and if you have any other questions. Thanks very much.
That is a great question! Depending upon the circumstances surrounding your depression, then yes, it may. If you had a spouse pass away early in your marriage, and that brought on a period of depression that was treated, and years later has not returned, then it probably wouldn't. If it is a persistent problem, and you are taking the meds for it, it can either cause your policy to be declined, or rated ( come with stipulations on the payout, and increased cost) depending upon the company. A good agent can help you find a company that can help you with an affordable policy. If you'd like some help privately, please contact me, I can help. Thanks for asking!
Depression may or may not affect life insurance rates. There are companies that will rate Preferred for persons with mild depression that is controlled by one medication, has been stable for over a year, and for which there has been no associated hospitalization or loss of work due to depression.
At the other extreme, policies can be declined if there has been a recent suicide attempt or if the applicant is on disability due to depression. In those cases, there are usually simplified issue policies available, but the rates are higher.
To get the best rate, shop with an impaired risk agent that specializes in life insurance for persons who suffer from depression. The last thing someone with depression needs is getting declined for a life insurance policy, or paying way more than they should have to pay. An experienced agent can help you avoid that.
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A number of factors can influence the risk classification (the risk class determines the premium) a person qualifies for with a given carrier when they are being treated for depression such as severity level of depression, medications used, any hospitalizations (and when), any suicide attempts or consideration of suicide, usage of alcohol and/or tobacco. Please note, the risk class is also dependent upon your age, gender, height/weight profile, any other medications and conditions, family medical history, and the results of the exam (if applicable - however, with a history of depression you will have a much better chance of getting lower premiums through a fully underwritten policy with an exam than a no-exam program).
Each carrier has their own underwriting guidelines so you don't want to apply with a bunch of companies to see what sticks - this works against you as it's a red flag to the company when they conduct their MIB check (MIB - Medical Information Bureau).
The best thing you can do is to consult with an experienced life insurance broker who can work with you on a personal level and shop the case for you - we do not charge any fees for our services.
I hope the information is helpful - please feel free to contact me for assistance with your coverage and if you have any other questions. Thanks very much.
At the other extreme, policies can be declined if there has been a recent suicide attempt or if the applicant is on disability due to depression. In those cases, there are usually simplified issue policies available, but the rates are higher.
To get the best rate, shop with an impaired risk agent that specializes in life insurance for persons who suffer from depression. The last thing someone with depression needs is getting declined for a life insurance policy, or paying way more than they should have to pay. An experienced agent can help you avoid that.